Some seriously confused bitter people in this thread.
Take the value of property out of the above table as you can’t spend that in Iceland….average 65 year old has £400k ‘cash’ to last them say till there 80ish. That’s £26k a year. People in here making out that people that have grafted all their working life are millionaires when in actual fact they’ve built up a pot of £26k a year to live off till they die. Get a grip, moaners.
You seem to have ignored the state pension which is an additional 10k a year… so 36k per year tax free… equivalent to someone earning circa £48,000 per year in salary. Though most people earning that via salary probably have a mortgage or rent to pay.
Oh and that’s ignoring any equity release on their property or just downsizing.